'Deccan decided that the price as well as the terms of payment was not acceptable'

Deccan Chronicle Holdings Ltd. owners of the Deccan Chargers want to sell the team to reduce its financial problems

Putting a question mark over the future of Indian Premier League franchise Deccan Chargers, the debt-ridden team failed to find any takers in Thursday's auction here, following which the BCCI will decide its fate.

The sole bidder, interestingly from Hyderabad itself, was rejected by the current owners, Deccan Chronicle Holdings Limited (DCHL), as there was no agreement either on price or the terms of payment.

Now, the issue will be back on the BCCI's agenda and the board would have to take a final call at its working committee meeting on Saturday.

Already neck-deep in debt with banks and other lenders having formed a consortium to recover dues said to be around `4,000 crore, this auction was expected to provide a lifeline to the company, the publishers of the daily Deccan Chronicle.

But it was not to be with the sole bid being turned down. While maintaining that DCHL was still the franchisee of the team, BCCI president N Srinivasan left the question about its future wide open.

'They are still in charge, the franchise is on,' he said. 'One bidder was eligible from the BCCI's point of view. But after opening the price bid, Deccan Chronicle decided that the price as well as the terms of payment was not acceptable.

So, they rejected the bid,' Srinivasan said after the auction. The lone bidder, film production firm PVP Ventures of Potluri Vara Prasad, reportedly quoted `900 crore.

The company was the producer of the recent block-buster, 'Nann E', a bi-lingual movie depicting the exploits of a hero who turned into a housefly. PVP is also the producer of Viswaroopam, the new Kamal Haasan starrer. 'The tender was issued by them. We are not involved but only assisted them in examining the eligibility and suitability criteria.

After that, it was up to them, between Deccan Chargers and the bidder,' the BCCI chief added.

BCCI President N. Srinivasan addresses the media after the Deccan Chargers auction meeting in Chennai

Without committing himself on the future course of action, Srinivasan, the owner of IPL team Chennai Super Kings, merely said the Board had issued a notice to Deccan Chargers to 'cure certain defects'.

'But that's between the BCCI and the franchisee,' he remarked. Deccan Chargers has not been able to pay salaries to its players and coaches for the last IPL edition.

Though there were reports of media mogul Kalanidhi Maran of Sun TV evincing interest in buying the team, the network has denied them.

Later some prospective bidders, including the RPG group, too backed out. What deterred them was the issue of having to clear the dues owed by the current owners.

After the conclusion of the auction, BCCI came out with a statement informing that it was conducted under the observation of MD Navarekar, a court officer appointed by the Bombay High Court.

It made it clear that the Board had no role in the rejection of the bid. According to the release by BCCI secretary Sanjay Jagdale, DCHL has rejected the bid in its discretion.

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'Deccan decided that the price as well as the terms of payment was not acceptable'